If you’re a homeowner and you’re in foreclosure, you will most likely want to know your rights. Unfortunately, you have very few rights outside of what is allowed by your state’s laws and these laws primarily deal with specific time frames that a lender must follow during the foreclosure process.
Understanding your states laws and the time frames allowed under them, will give you the information you need to make an educated decision about the best way to proceed.
Many websites offer various free foreclosure help and describe the various states law’s. Our home loan forum has over 17,000 members and has helped over 300 homeowner save their homes.
After you have stopped making your mortgage payments for a period of time (typically 90 days or more) that is usually when your lender will start foreclosure proceedings with the court. The purpose of this is to follow your state’s laws in order to take complete ownership of the property which serves as collateral on your mortgage that you are defaulting on.
At this time (depending on your state) a notice of default or NOD will be filed. Your lender must provide you with a written notice of that intention. Please keep in mind that you can still contact your mortgage servicer and work out some type of loan modification at this time and you also have the right to pay back all past due amounts along with the late fees and other penalties.
Throughout the foreclosure process the homeowner has the right to be treated fairly. Any money that is earned on the sale in excess of the amount owed on the mortgage, late fees, penalties and foreclosure costs should go to the homeowner.
What you need to know!
Simply calling your lender and getting a loan modification or paying all past due amounts can stop the foreclosure process, but not always. Be careful because the foreclosure conveyor belt rarely stops moving and it’s not over it’s over. Many times homeowners are amazed that they end up losing their homes when they have been trying to obtain a loan modification for months. Unfortunately, they were under the false assumption that the process had stopped, when in fact it never stops!
I am not an attorney and this is definitely a legal situation, so it is best to contact an qualified attorney in your state that can help your or at least guide your in the right direction.
Have you ever heard of redemption? I have and I believe in it 100%. Good news is that is about 50% of our great nation’s states agree with me. This is a statutory right that allows you to regain ownership of your home by buying it back after the property has been foreclosed. Usually, this right must be exercised within 6-12 months of the foreclosure sale.
Sometimes, foreclosure is inevitable. However, the unpleasantness of the experience can be minimized if the homeowner is aware of his or her rights.
This is a most unfortunate situation. I did not know about it, and I am grateful to you for bringing it to our attention.
My bank is fighting my automatic stay because I filed for bankrupcy as well. They never tried to help me modifiy the loan. I heard that the government is wanting banks to offer homeowners a modification. Why is it up to the servicer? Does she make commission on the loans?
[...] and so that you’ll know how to fight back against abusive mortgage lenders. If you’re facing foreclosure or an interest rate adjustment, look through your loan documents and check if you were provided [...]
I have perfect credit and applied to refinance my loan with Bank of America (took over from Countrywide). They charged me a $500 application fee – something I have NEVER had to pay before – to get a refi with the same place that holds my loan. I signed the papers on May 22 and mailed them back. They have still not gotten back to me for the refi and they stuck additional charges on the GFE that were junk fees! I have left messages for supervisors, emailed them, etc…and no one will call me back. They kept my $500 and approved me for the refi but will not bring it to close!!! HELP!
B/A gave us a Modification Agreement with new interest rate & loan payment which was due 9/1. Problem is when I sent in the new modified payment, they said it goes into another account & not against my present loan. It will take about 3 months for the payments to be credited to our loan. I am concerned because in the meantime our loan will show a delinquent amount each month.
Can they then file foreclosure? They will not provide any information in writing explaining anything.
OUR HOME LOAN WAS TAKEN OVER BY BANK OF AMERICA
WHILE WE RE IN FORBEARANCE. NOBODY WILL GIVE US A STRIAHT ANSWER. HELP!!!! HELP!!!! WE NEED HELP
CALL US AT 1-425-634-7917 OFFICE 9-5 PACIFIC TIME OR
HOME 360-794-9283 AFTER 6:30 PM
Bank of America is not cooperating. The process is extremely slow.
Bank of America is not working with me either. Seems they do not have to, they already received their money. I have been trying since April 2009. Can you say run around? lies? What can I do?
Hi,
I am new here and have spent the past two days reading – it’s a great resource to have found this site and to have read your stories, to see that I am not the only person who is going through this nightmare.
I apologize for the length of this, but wanted to tell my story and see if anyone has been here and knows what I can do.
I have been trying to get a loan modification with Bank of America since July, 2009…. This is the status of my case right now:
1. It took until October for them to have “received” my information, as the first two people I spoke to listed different criteria and the second gave me the wrong fax number to sent it all to – I only found this out when I had called after about a month (after second submission of documents) to see what the status was, if I needed to do anything. They then gave me another list of documents and the correct fax #.
2. Received letter in October that they received my information and would inform me within 60 days of any information.
3. Called about a week ago, the woman on the phone told me that there was no information. As I am pretty desperate at this point since my home has been in foreclosure for months as BAC told me NOT to make any payments, and she told me that if I sent any payments, they would return it, as my home is in foreclosure status, and that I just need to wait. Also told me that a negotiator was assigned at the end of December.
4. Called again today, as I received a notice in the mail (and also saw it posted online for anyone to see) notifying me that I have until 2/22/2010 to notify the court (myself or via attorney) with an appearance if I am entitled to the Servicemember Civil Relief Act (which I am not) and think I have a right to object to the foreclosure.
5. Called BAC again, and the woman I spoke to today told me that I am IN A TRIAL PERIOD that started January 1, 2010 – that was when my first trial payment was due! It is for 3 months – so I paid the amount that was due the first, and scheduled payments for 2/1 and 3/1.
6. I asked why I wasn’t notified, and was concerned that I didn’t get this information – she told me the documents will come within 45 days of January 1st – to notify me of the trial period. What I am confused about is why – at that point two of my trial payments would have been outstanding. Since I was not notified, they accepted my first payment late as on time (she said).
7. I told them about the notice I received, and she said that the foreclosure date was pushed out to 3/10 – which is after my 3-month trial period “ends”. And supposedly a decision will be made. If this is true, why was this document delivered to me YESTERDAY telling me that I have until 2/22/2010 before I lose my home, especially if my TRIAL period started January 1?? This court decision was just delivered.
The problem is that I have no documents to back this up. I can’t confirm besides the word of the phone rep of the day that my foreclosure date was postponed. Do I call a lawyer? Do I call the lawyer of the “plaintiff” (which is listed as BAC) to notify them that it was postponed?
I don’t understand the trial period – if they are giving me a trial period, and I make the payments on time, I am still going crazy at the possibility that they may reject the modification. If you succeed in making your payments during the trial period, how can they still deny you, and if so what was the point?
If they deny the loan modification, will they demand the full amount owed since you stopped making payments (at their advice), or will they just go back to the previous monthly payment amount, and roll the rest of it on top? I owe $16,000 since I stopped paying – at this point if I am not approved I will be out on the street. I have lived in my home 3 years, am 30 years old and alone, and am a first-time home owner. This really is my worst nightmare.
Given the court notice, and the trial period information that I only stumbled onto by accident because I called them twice this month hoping for some information, what should I do now? How can I be sure that the “postponement” of my foreclosure is for real? From this notice, it does not look like the city knows about it. How do I respond to this court notice – what should I do?
I appreciate you reading this, and from someone who has not been able to sleep in months and is pretty much stressed out to the max now 24/7, I hope that you all have the best of luck with this horrible nightmare and that we are all able to stay in our homes.
Thanks,
Jax.
Please go to my forum at http://www.LoanSafe.org/forum and share with thousands of other Bank of America clients who can help you.
I am sorry to hear about your nightmare Jax. Writing out your feeelings and issues does help ease some of the stress. I have a forum with 25,000 homeowners who are sharing tips and help with one another. I suggest you join the community at http://www.LoanSafe.org/forum and journal your story there so it helps you cope with the stress. That way you can let it out daily and it will help you sleep better.
I wish you the best!!!
Hi Moe,
Thanks – Sorry I posted in the wrong forum, I’m just trying to find out which info is correct so I can make sure I am doing everything I need to.
Thanks!
Jax.
Please tell me more about the statutory rights listed above about the right to take back ownership after foreclosure!? Is this only accomplished with a new mortgage? If so I won’t get above by any bank for a new mortgage within such a quick time frame. I have been in a forbearance with Chase since 2/09. Made all payments on time, than New Year’s Eve I recvd two denial letters. They say I have insufficient income for amount of monies I need. When I recvd the final payoff from them, my mortgage went up 63k since I’ve been in forbearance. At the same time they only used income submitted up till june ’09, yet they were always asking for updates. The last updates were given to them in sept. and I verified more than once they had recvd them. I can not find a local attorney that deals with loan mods. Someone please help!?!?
Bank of America Barbara Desoer the Advocacy Department I promise is just BS they are PR for the next 3 or 4 months and then nothing happens! Somebody has got to get this to the media they stall until the auction sign is on your house and then deny the modification and drive you to bankruptcy! We have got to get them where it hurts! Give them the publicity they deserve!
[...] less than six weeks before taxes are due, an estimated 16,000 former homeowners statewide will owe $15 million in extra income taxes this year and $29 million through 2012. The [...]
[...] Conn. (AP) A bill extending the life of program that helps Connecticut homeowners facing foreclosure has passed the House of [...]
We have (had a beautiful home) but when I was laid off I could not make the mortgage payments. After notifying the loan holder they would not work with me and after we went into forebearance by making some payments they stopped communicating at all and began to send our payments back. When they did answer our calls a couple months later, we began a modification plan, but our contact went on vacation and turned the work over to her supervisor who, when we spoke with her was harassing and completely rude telling me I am a horrible father for being laid off and not caring for my children and that when the Sheriff comes to kick us out she hopes he arrest me too! I was flattened by her comments and that was in January and it still eats at me. We found out that while we were discussing the modification plan they had already sold our home to an investment company and we never would have been able to retain ownership anyway!
We contracted with an attorney who apparently just is enjoying our money too and did nothing to help after feeding us a song and dance about what a great chance we have to stop the foreclosure.
When will the Government step in and start arresting some of these big bankers for fraudently ruining the lives of so many Americans?
Stumbled onto your website. Not sure if you can help me or not. First filed for modification in Dec 2009. Still trying, I am in foreclosure and being told I do not have enough income to qualify for a modification. They will however put me on a Special Repayment Program for three months. i am to make a payment less than my regualr mortgage and after the three months (if i have cut my bills) I can refile for a modification. My question is I filed bankruptcy and put the house in it after three denied mods. If I make thes payments can they then hit me with fees and any late fees? Have been working with the Homeownership Center of Greater Dayton (Ohio) and have been talking with the VA but they are not much help. The first payment is due on the 17th of this month. HELP!!! Do I pay or not?
When will the Government step in and start arresting some of these big bankers for fraudently ruining the lives of so many Americans?
Steve Richey May 6, 2010 at 12:49 pm
ITS NOW 01-16-2011 AND HOMEOWNERS CONTINUE TO SUFFER, BECAUSE OF THESE FRAUDULENT BANKERS AND LENDERS. THE BK LAWS NEED TO BE AMMENDED TO ALLOW BK JUDGES TO FORGIVE MORTGAGE DEBT ON PRIMARY RESIDENCE THAT QUALIFY. BUT THEY LOBBIED AND PAID MILLIONS TO THE SENATORS AND GONGRESS TO STOP THIS. BUT IN TIME THEY WILL HAVE NO CHOICE BUT TO PASS SUCH A LAW, AND YES SHOULD PUT THESE THIEVES, LIERS, ABUSERS, HOMO LENDERS, AND BANKERS OUT ON THE STREET TO EXPERIENCE THE COLD NITES AND WET GRASS THAT HOMELESS HOMEOWNERS END UP ON BECAUSE THEIR HOMES ARE FORECLOSED AND SOLD TO GREEDY INVESTORS TAKING ADVANTAGE OF THOSE IN TIMES OF CRISIS. AMERICANS NEED TO LOBBY TO PASS THE NEW BK LAWS. STOP BANKING AT THE AFORE MENTIONED BANKS THAT ARE ABUSING YOU. Naturally if I was a servicer with boa, chase, citi,etc and was not obligated to modify your loans, why should I. That is the reason no loan mods are being done. That is why they abuse the hell out of you. Our governement is the PROBLEM. Pres OBAMA needs to fire some of his staff that was suppose to help in the housing crisis. But nothing has ever been done. NOTHING, NOTHING NOTHING.
Jobs continue to get lost, homes continue to be foreclosed, and rude servicers continue to abuse. Its amazing no one has gone POSTAL ON THEM.
YEA WHAT!
[...] borrowers to refinance, but would-be buyers remain hesitant. The number of homeowners looking to refinance rose last week, the [...]
P s: In addition, my home would sell for $340,00.00 to 360,000.
If we had to sell now. So, we would then have a short sell or
similar.
My husband, age 72, does not have any job prospects.
Thank you,
Marcy Mintz
us 2 has ask bank o america to mofied our mortgage in 2009 3 times would,nt do it we 2 morgtage theya first sold our mortg age c70yrsold anountry wide to b of a then bank of american sell the sectord mortgage to green tree what that is i am looing for a anttoney that will help us with our trouble we haveing we sick an in our 75yrs i have to take 17 med a day he take about 7aday we just can,t pay 843.00mortgage pif any oneayment an all our othe bills if any 1 no of a lawer that take the cases post it on the web thank
I’ve been in foreclosure with Bank Of America since November 2010. They just told me I had been approved for a Fannie-Mae modification. Starting June 1st I make three trial payments at the new trial period amount (They said my loan will be spread to 40 years and reduced from 5.75% to 5%). They said if I make all three payments on time it will become permanent. It sounds too good to be true and after reading all this I am thinking they are just scamming me and I’d be better off keeping my money for when I do get evicted. Anybody have any advice? Has anyone heard of this really working out as bank Of America is promising? How can I become part of this class action suite?
my father was a 77yr old man who passe on january 10,2010. the family found out in june 2008 he had taken out a loan with homeowner corp. in 2005.he couldn’t read,, / he was hard of hearing and seeing. he was a diabetic, had highblood pressure along with pain from other health issures and on to many medications to mention.. someone come to his home that he build himself in the 1960′s to take out the loan. the loan papers weren’t dated by him or signed by the loan officer and had change several time which counYwide and bankofamerica in foreclosuer. there are so many things that wrong with the loan like it being especially for someone else instead of 104yrs old the life of the loan. who gives a 75yr old blackman who wouldn’tve enough money to buy food , a 82 thousand dolar/loan inwhiich almost all his monthly funds go toward a house he build himself and has never owed a motgage on ? how do i join a classaction lawsuit against bankofamerica?